NEW YORK (TheStreet) -- Shares of TransEnterix (TRXC - Get Report) were falling 4.5% to $3 on heavy trading volume Friday after the medical devices company priced the 16,666,667 shares of common stock in its public offering.
TransEnterix priced the 16,666,667 shares of common stock in the public offering at $3 a share. The company granted the underwriters of the offering a 30-day option to buy up to 2.5 million shares of common stock.
The offering is expected to close on June 17, 2015.
TransEnterix expects net proceeds of $46.2 million from the offering. The company plans to use the proceeds for research and development, sales, marketing, and commercialization related to its SurgiBot System, working capital and other general corporate purposes.
About 5.4 million shares of TranEnterix were traded by 10:36 a.m. Friday, above the company's average trading volume of about 193,000 shares a day.